Chinese economy to forge ahead with full confidence in H2

By Xinhua
On 19 July 2023 at 08:36

Guest speakers of the China Economic Roundtable have full confidence in the Chinese economy during the second half (H2) of 2023, as the resilience, potential and vitality of the economy will ensure its further recovery and economic fundamentals that will sustain long-term growth remain unchanged.

Fu Linghui, spokesperson of the National Bureau of Statistics, said at the talk hosted by Xinhua News Agency that the Chinese economy has gradually entered a stage of restorative growth after the pandemic and will transition to expansionary growth as it gradually returns to a normal track.

The speakers during the roundtable talk unanimously agreed that the Chinese economy has strong resilience, great potential and enough vitality, and hence they have confidence in the prospects of China’s economy in the second half of the year.

The role of consumption in driving the economy will continue to be evident. As production and demand cycles become smoother, residents’ consumption willingness and confidence are expected to stabilize and increase.

Investment in infrastructure and manufacturing will gradually help expand domestic demand and stimulate economic growth.

"The momentum of consumption growth will continue in the second half of the year, and it will continue to fuel the economy," said Fu.

With better economic operation in the country, more service industries will recover and help stabilize the economic growth.

In the long term, China enjoys increasingly stronger innovation-driven growth, enormous potential, a solid foundation, a super large market, and a complete industrial system, as well as ever-improving labor forces.

"Although the Chinese economy faces some difficulties and challenges, the economic performance will gradually improve in the second half of the year, and certain macro indicators will gradually stabilize. The development momentum will remain positive," said Fu.

"We should deal with the short-term fluctuations in the Chinese economy, but also firmly believe in the bright future of it," said Li Hui, a senior official with the National Development and Reform Commission.

"With the further implementation of the central policies, we have confidence and capability to constantly optimize the economic structure, strengthen the driving force of growth and maintain a positive development trend," she added.

Photo shows a scene at the China Economic Roundtable in Beijing, capital of China. China Economic Roundtable is an all-media talk platform launched by Xinhua News Agency, with the first episode featuring the Chinese economy. (Xinhua/Jin Liangkuai)